World Business Briefing | Europe: France: Buyout In Sugar

Origny-Naples, a consortium of sugar-beet growers, confirmed that it would acquire a 53.8 percent stake in the sugar company Beghin-Say from the Italian energy company, Edison. The sale, valued at 511 million euros ($506 million), will raise money for Edison, which is burdened with 704 million euros of debt. The combined group of Origny-Naples and Beghin-Say is expected to be valued at 950 million euros and to produce 2.7 million tons of sugar. Beghin-Say currently operates 18 sugar factories across France, Hungary and Brazil, which will be sold to different beet cooperatives in Europe. Kerry Shaw (NYT)